Singapore's and Thailand’s customs mutual recognition agreement will take effect Sept. 1, allowing for a more efficient exporting process and faster customs clearance for authorized economic operators in the two countries, Singapore said in an Aug. 26 notice. Qualifying companies “can now look forward to facilitated clearance for their goods” when the two countries trade, the notice said. The agreement covers companies certified under Singapore Customs’ Secure Trade Partnership-Plus program and Thailand’s Authorized Economic Operator program.
China is renewing a customs agreement that allows Hong Kong traders to transship cargo from Hong Kong to mainland China under reduced tariffs, according to an Aug. 21 report from the Hong Kong Trade Development Council. The agreement allows for reduced tariffs for cargo from China’s list of “Least Developed Countries,” which includes mainly African nations, including Angola, Ethiopia, Uganda and more, the report said. The agreement allows Hong Kong traders to apply for “Certificates of Non-manipulation,” which make cargo eligible for “preferential tariffs,” the HKTDC said. The agreement was originally set to end on Aug. 1.
Vietnam "completed" its draft amendments to various export and import tariffs, which includes a change to the “regulations on preferential import tax rates for raw materials, supplies and components to manufacture” goods for the auto industry, Vietnam Customs' mouthpiece CustomsNews said in an Aug. 22 report. The regulations include a zero percent “preferential import tax rate” for “domestic raw materials, supplies and components that have not yet been produced in the period of 2019-2023,” the report said. The report also clarifies how companies can qualify for the lowered import tax rate.
An Indian national was sentenced to prison after being convicted on charges of illegally importing thousands of packets of cigarettes and avoiding more than $120,000 (in Singapore dollars) in taxes, Singapore said in an Aug. 21 press release. Singapore said Veerappan Vimalraj stored more than 13,000 packets of duty-unpaid cigarettes and more than 10,000 “sachets of prohibited chewing tobacco” in a storage facility and routinely delivered the goods to customers in Singapore, who would try to avoid detection by not dealing with Vimalraj face to face for the transaction. Vimalraj was sentenced to about 19 months in prison.
Israel and South Korea signed a trade deal that will ease customs duties for both sides, Israel’s Ministry of Foreign Affairs said in an Aug. 21 press release.
Singapore Customs arrested two women for illegally importing counterfeit perfume and cosmetic products, Singapore said in an Aug. 20 press release. After finding a shipment with more than 200 counterfeit cosmetics products, Singapore officials carried out raids that uncovered more than 16,000 cosmetics products with fake trademarks worth more than $800,000 (in Singapore dollars), the press release said. Officials said the women planned to sell the products online. The women each face a maximum fine of $100,000 and a maximum prison sentence of five years.
China’s Haikou Customs is planning to speed up its customs clearance process through appointment clearances and dedicated channels for “fresh products to ensure fast cargo,” according to an unofficial translation of an Aug. 21 press release from China’s General Administration of Customs. Haikou Customs also plans to promote advance declarations “to achieve customs declarations that do not require inspection and quarantine … and can be released directly after the customs confirms the delivery of the transportation report.” The changes also aim to “reduce unnecessary paper circulation.”
Singapore Customs issued a notice Aug. 21 saying that certain “bullion coins” are exempt from the country’s Goods and Services Tax because they meet requirements as an Investment Grade Precious Metal. The coins -- in silver, gold or platinum, from Australia and the United Kingdom -- will be GST-exempt starting Sept. 1.
Vietnam issued a circular to update the rules of origin regulations under the recent agreement between the Association of Southeast Asian Nations and China, Vietnam Customs' mouthpiece CustomsNews said in an Aug. 20 report. Vietnam clarified how rules of origin apply to goods, “origin criteria for converting commodity codes at level of 4 digits” and regulations on the de minimis level. The circular will take effect Sept. 12.
China is adopting new measures to revise the rules of origin guidelines in its agreement with the Association of Southeast Asian Nations, China’s General Administration of Customs said in an Aug. 20 notice, according to an unofficial translation. The changes, which took effect Aug. 20, will help China “correctly determine the origin of import and export goods” under the agreement and “promote economic and trade exchanges between” China and ASEAN member countries. China said its customs agencies began accepting certificates of origin issued by ASEAN member countries on Aug. 1.